Home / Knowledge / News / Textiles / Comparable Ethan Allen design center sales down
Comparable Ethan Allen design center sales down
29
Oct '09
Ethan Allen Interiors Inc. reported operating results for the three months ended September 30, 2009.

Net delivered sales for the quarter ended September 30, 2009 amounted to $136.2 million as compared to $205.8 million in the prior year quarter. Net delivered sales for the Company's Retail division were $103.2 million compared with $155.9 million the prior year quarter. Wholesale sales were $81.3 million versus $121.3 million the prior year quarter. Comparable Ethan Allen design center delivered sales were down 35.3% as compared to the prior year quarter.

For the quarter ended September 30, 2009, diluted loss per share amounted to $0.47 on a loss of $13.6 million, which includes $8.5 million in plant transition costs and a $0.8 million restructuring and impairment charge for previously announced actions. This compares to diluted earnings per share and net income of $0.26 and $7.4 million, respectively, for the prior year, which included a restructuring benefit of $1.6 million due to the gain on the sale of properties closed in fiscal 2008.

Excluding the impact of the plant transition costs and restructuring and impairment charges in both periods and the impact of tax valuation allowances recorded in the current quarter, diluted loss per share amounted to $0.20 in the current period compared to diluted earnings per share of $0.22 in the prior year comparable period.

Farooq Kathwari, Chairman and CEO, commented, “The downturn has enabled us to reposition our business in all major areas. We have consolidated our US manufacturing and logistics to make it more efficient while we have reduced our cost structure in all areas of our enterprise during the last year. We have now started to selectively increase our associates both at manufacturing and at retail.”

Mr. Kathwari further stated, “Our focus during this period has been to increase our cash position, implement initiatives to help increase sales and also position us well as the economy starts to improve. We increased our cash by $19.5 million to $72.5 million during the quarter. In addition, we announced this week that we added an additional $20 million to our secured revolving credit facility increasing the line to $60 million.”

Commenting on the business, Mr. Kathwari continued, “While we have increased our written backlog by 19% during the quarter and reduced the decline in booked written orders by half to 19.5% in the quarter from a 38% decline from January to June 2009, we still remain cautious for the near term. As I mentioned earlier, we are well positioned as the economy improves to grow our sales and profitability.”

Ethan Allen Interiors Inc. is a leading interior design company and manufacturer and retailer of quality home furnishings. The Company offers free interior design service to its clients and sells a full range of furniture products and decorative accessories and a network of approximately 300 Design Centers inthe United States and abroad. Ethan Allen owns and operates six manufacturing facilities in the United States, which includes one sawmill, and one manufacturing facility in Mexico, and manufactures approximately sixty-five percent of its products in its United States plants.

Ethan Allen Interiors Inc


Must ReadView All

India’s garment imports from Bangladesh up 56% post-GST

Apparel/Garments | On 12th Dec 2017

India’s garment imports from Bangladesh up 56% post-GST

India has imported $87.4 million worth of readymade garments from...

Coats acquires yarn manufacturer Patrick Yarn Mill

Textiles | On 12th Dec 2017

Coats acquires yarn manufacturer Patrick Yarn Mill

Coats, the world’s leading industrial thread manufacturer, has...

Trade & consumers want MDR free digital payments: CAIT

Apparel/Garments | On 12th Dec 2017

Trade & consumers want MDR free digital payments: CAIT

Transaction charges like the merchant discount rate (MDR) applicable...

Interviews View All

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.2%
No
12.1%
Skip
18.7%

Total Votes: 91

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.5%
No
30.8%
Skip
7.7%

Total Votes: 91

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.8%
No
9.9%
Skip
3.3%

Total Votes: 91

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.3%
No
8.8%
Skip
9.9%

Total Votes: 91


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search